Up to 500 jobs are promised over the next five years in Glasnevin as part of a new innovation campus being established for Dublin City University.

The plan was announced this morning by Minister for Jobs, Enterprise and Innovation Richard Bruton.

The new national centre of innovation in the cleantech sector will be located on a currently vacant site in north Dublin, which was formerly occupied by Enterprise Ireland.

The cleantech sector is one of the fastest growing areas of economic activity and worth over €5 trillion worldwide.

It develops innovative products and services to address sustainability issues concerning water, waste, energy and emissions.

It is planned that the development will support 200 jobs in the initial 18 months, which is expected to grow to 500 in the first five years.

It is hoped to base high-tech companies on the campus by offering access to skills and facilities to help facilitate growth.

Companies set to move to the campus initially include Dalkia, which is headed up by former Dublin football manager Pat Gilroy.

''The green economy is a sector targeted as part of the Government's plans for jobs and growth,'' commented Mr Bruton.

He said the Government wants to see the creation of 10,000 new jobs in the sector over the coming years.

''The DCU Innovation Campus will play a key role in this by bringing together innovative start-ups and more established companies with the skills and ideas that only a university can provide,'' the minister added.

Professor Brian MacCraith, the President of DCU, stressed the university's commitment to delivering innovation and economic impact at both regional and national level.

''Through the establishment of this new Cleantech hub, companies can leverage the significant research expertise of DCU and its extensive partner network, particularly in the area of sustainability, thus positioning Dublin and Ireland as examples of best practice in public-private collaboration to solve the global issues of energy and environmental challenges,'' he added.